Bank of America Corp DE Increases Position in Vaxcyte, Inc. $PCVX

Key Points

• Bank of America increased its Vaxcyte stake by 73.4% in the first quarter, acquiring 515,209 additional shares and bringing its holdings to 1.22 million shares valued at approximately $70.7 million. Institutional investors collectively own 96.78% of PCVX.
• Vaxcyte shares opened at $58.07, with a 52-week range of $29.29 to $65.00 and a market capitalization of roughly $8.39 billion. The company reported a quarterly loss of $1.97 per share, beating analyst expectations for a $2.06 loss.
• Analysts have an average “Hold” rating on PCVX and a consensus price target of $86.00, although recent ratings included downgrades to “sell” and “strong sell.” Meanwhile, insiders sold $6.57 million worth of shares over the past three months under pre-arranged trading plans.

Bank of America Corp DE boosted its position in Vaxcyte, Inc. (NASDAQ:PCVX - Free Report) by 73.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,216,843 shares of the company's stock after acquiring an additional 515,209 shares during the quarter. Bank of America Corp DE owned 0.84% of Vaxcyte worth $70,711,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in PCVX. Janus Henderson Group PLC raised its holdings in shares of Vaxcyte by 23.8% during the 1st quarter. Janus Henderson Group PLC now owns 16,575,875 shares of the company's stock valued at $960,231,000 after buying an additional 3,188,687 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in Vaxcyte by 35.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 11,296,333 shares of the company's stock worth $521,213,000 after purchasing an additional 2,981,038 shares during the last quarter. Caligan Partners LP bought a new stake in Vaxcyte in the fourth quarter worth $78,660,000. Adage Capital Partners GP L.L.C. boosted its position in Vaxcyte by 418.0% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,725,000 shares of the company's stock valued at $79,592,000 after buying an additional 1,392,000 shares during the period. Finally, Polar Capital Holdings Plc boosted its position in Vaxcyte by 302.6% during the fourth quarter. Polar Capital Holdings Plc now owns 1,672,783 shares of the company's stock valued at $77,182,000 after buying an additional 1,257,253 shares during the period. Hedge funds and other institutional investors own 96.78% of the company's stock.

Vaxcyte Stock Performance

Vaxcyte stock opened at $58.07 on Monday. Vaxcyte, Inc. has a fifty-two week low of $29.29 and a fifty-two week high of $65.00. The stock's 50 day simple moving average is $53.85 and its two-hundred day simple moving average is $55.27. The stock has a market cap of $8.39 billion, a price-to-earnings ratio of -7.61 and a beta of 1.23.

Vaxcyte (NASDAQ:PCVX - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported ($1.97) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.06) by $0.09. During the same period in the prior year, the business posted ($1.22) earnings per share. On average, analysts predict that Vaxcyte, Inc. will post -7.82 earnings per share for the current year.

Wall Street Analysts Forecast Growth

PCVX has been the topic of a number of recent research reports. Zacks Research cut Vaxcyte from a "hold" rating to a "strong sell" rating in a research note on Tuesday, July 14th. Wall Street Zen raised Vaxcyte from a "strong sell" rating to a "sell" rating in a research note on Saturday. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Vaxcyte in a report on Monday, July 6th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $86.00.

Insider Transactions at Vaxcyte

In related news, CFO Andrew Guggenhime sold 10,000 shares of the company's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $53.89, for a total value of $538,900.00. Following the sale, the chief financial officer directly owned 105,176 shares of the company's stock, valued at $5,667,934.64. This represents a 8.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Harpreet S. Dhaliwal sold 17,000 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $55.00, for a total value of $935,000.00. Following the completion of the transaction, the insider owned 76,756 shares of the company's stock, valued at approximately $4,221,580. This trade represents a 18.13% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 120,646 shares of company stock valued at $6,570,810 in the last three months. Company insiders own 3.30% of the company's stock.

About Vaxcyte

Vaxcyte, Inc NASDAQ: PCVX is a clinical-stage biotechnology company focused on developing a new generation of preventive vaccines aimed at combating serious bacterial diseases. Headquartered in San Carlos, California, Vaxcyte leverages proprietary conjugation technologies to design and manufacture multivalent vaccines targeting pathogens for which there remain significant unmet medical needs. The company's platform is intended to streamline the production of conjugate vaccines by improving antigen presentation and broadening strain coverage compared with conventional approaches.

Vaxcyte's lead candidate, VAX-24, is a 24-valent pneumococcal conjugate vaccine designed to protect against 24 serotypes of Streptococcus pneumoniae.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source